Your Guide to Choosing the Perfect Lloyd's Broker

In this article, we speak to Edwin Rajadurai, Group Managing Director of Servca, about the critical importance of independent and specialist advice when working with a Lloyd’s broker.


February 22, 2024

The benefits of working with a Lloyd’s broker is well documented but how do you ensure you’re getting access to the most relevant expertise for your business? Lloyd’s brokers have direct access to a unique pool of underwriters and can identify both long and short-term risks in the Lloyd’s market. Being deeply ingrained in the process itself, Edwin has spent years trying to improve efficiency and provide a better service for client-brokers around the country. He explained:

“There are 380 Lloyd’s brokers on the entire planet and we're one of them. Our focus is on casualty insurance and we have been refining our process for years to overcome some of the inefficiencies we’ve observed in the wider market. As a result, we’ve created something genuinely unique that our clients, regardless of their industry, scale or heritage, really value.”

Working with a Lloyd’s broker

There are many reasons to work with a Lloyd's broker such as the benefits of cultivating long-lasting, in-depth relationships, direct market access, expertise in handling complex risks and potential access to exclusive products unavailable elsewhere.

These factors collectively contribute to a Lloyd’s broker’s competitive edge but trying to choose the right one can be a complicated process.

“In a highly competitive market, the depth of specialism is the single biggest differentiator when it comes to servicing customers. It allows brokers to create highly successful partnerships together and build a more meaningful understanding of what is required to succeed,” Edwin explained.

Finding a solution that’s tailored uniquely for your business

Servca, established in 2011, is one of the very few independently owned Lloyd’s brokers left in the market. This means they hold no allegiances to anyone other than the client they are serving.

Many other brokers are owned by larger conglomerates which means they must work in a specified way in accordance to how the parent company defines its processes and operations. The size and scale of these giants means the service can be standardised, meaning it’s built around efficiency rather than tailored to individual client needs. Or uniquely configured to overcome a more complex range of requirements, that often don’t fit within the standard terms.

“The pace of change in casualty insurance, and specifically professional indemnity, medical malpractice, healthcare liability and Directors and Officers liability insurance is staggering. If brokers are not fully committed or devoted to a specific sector of the market, then they’re very quickly going to be left behind. In our experience firms covering a wide array of specialisms can easily lose focus.”

Independence and culture

Independence has been vital in Servca’s ability to evolve and deal with change in the industry and thrive.

“Culture eats strategy for breakfast,” is the now infamous quote from legendary management consultant Peter Drucker. Edwin believes that whilst many Lloyd’s brokers have a clear plan and knowledge of the insurance sector, it’s the culture of the business that defines those that are well positioned to help the most effectively.

When a broker is free to define its own culture and operating model then it can create a process which genuinely fits in with the needs of client-brokers. Making decisions is critical and independent leadership removes the need to navigate layers of red tape to achieve an agreement.

Independence means not only are decisions made quickly but investment in new ways of working can be rapidly deployed. Edwin believes the liberating openness of independent firms leads to improved service and outcomes for clients:

“We're trying to really change and redefine the definition of excellent service in casualty insurance. It’s made possible by a culture that has all the regulatory controls in place but is fundamentally built on autonomy and rapid decision making i.e. designed for the customer.”

Culture of our firm

As many businesses still try to adapt to an environment of higher interest rates, higher costs and technological innovation in the form of AI, only those able to specialise, better meet their client needs and enhance how they work will survive. Edwin believes the insurance industry is no different:

“I’ve always believed culture is the most important element of any broker firm and the recruitment of our staff is always carefully aligned to the way we want to work. I’ve seen people taking calls at 11 o'clock in the evening to make sure that support is on hand when it’s needed. The scale and pace of change right now is going to catch many businesses out and we are already investing in areas that we believe will be required to cope in the future. The industry will undergo a large shift in the next two to three years and specialism, independence and culture will be even more important.”

About Servca

In the competitive landscape of insurance brokerage, Servca stands out not just for its specialisation in casualty insurance, but for its unique approach to doing business. Our independence, culture and service is designed to achieve one thing which is outstanding support for our broker partners and their customers.

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